... I have been digging and prowling around to try to find the foundation for this huge rally today. So far, a lot of smoke but no fire.
1.) The good, but not great, Recaf news was out now for over a day.
2.) The Namibian wires have nothing on it and the big stories are Germans killed in a plane crash, the Rhino problem, who should pay for the President's new palace, etc. One would that think a major oil discovery would bury all these!
3.) There was a local talk show out of a van with some folks that went on for a couple of hours and a mention was made of oil by someone "well connected". Now this could be just some loose talk or a real inadvertent leak of some confidential solid and info. But my take is just some loose talk of some media folks trying to fill air time without the usual topics of Rhinos, hungry lions, drought, etc.
4.) The Ministry of Mines, that handles oil, is a fluid evolving structure and often has conflicting stories coming out of it with the Petroleum Directorate saying one thing, the Minister another. But nothing official.
5.) Recaf still has not put out anything concrete or substantial about commercial oil being found except that things are going well in the search for it.
6.) And here is the big one. If we hit big oil the radical environmentalists would be coming out of the woodwork. Again nothing.
Sad to say Friday should be not good as this reality sets in, bad news is dumped, and Wall Street leaves early for their mansions and parties on Fire Island.
But not to worry ... us longs will prevail!